Nvidia faces $270 billion market-value hit as board probes Jensen Huang spy allegations

Nvidia faced a potential $270 billion loss in market value on Monday, November 9, as shares dropped sharply after its board opened an independent investigation into allegations that chief executive Jensen Huang had been targeted by a foreign intelligence operation.

Shares fell more than 6% in Frankfurt trading, putting roughly $270 billion in market value at risk, according to LSEG Datastream figures cited in media reports. In US premarket trading, the stock was down more than 5%, at around $177.53 compared with Friday’s closing price of $186.64. The decline took shares to a multi-month low and extended the previous week’s sell-off.

The fall followed reports that US officials believed Huang had been targeted through his relationship with Alice Huang, a former executive at Singapore-based Megaspeed. According to media reports, US authorities concluded that she was a suspected Chinese intelligence asset who allegedly passed information to Beijing. Beijing rejected the allegations as baseless.

Huang told employees that he had been unfaithful to his wife, without disclosing details of the relationship. Nvidia’s board said it had no reason to believe that national security or company secrets had been compromised, and Huang would cooperate fully with the investigation.

South Korea said its contracted graphics processing unit deliveries would continue without disruption despite the controversy. It confirmed that 10,000 GPUs had already arrived and were being used. Investors were awaiting the investigation’s outcome and the opening of US markets.

Nvidia’s board also expressed confidence in Huang, who would remain chief executive, according to details reported on 9 November 2026. Huang apologised to his wife and children and acknowledged falling short of his responsibilities to employees, directors and shareholders. Megaspeed, the Singapore-based data centre company associated with the Chinese executive, had purchased more than $4.8 billion in Nvidia chips over the preceding two years.

Nvidia executive Madison Huang, the chief executive’s daughter, also cancelled a planned Seoul visit for a company conference due to begin on Monday, according to companies she was scheduled to meet, in accounts dated 9 November 2026. Earlier out-of-hours prices on Hyperliquid’s perpetual futures market and the Blue Ocean share-trading system were around $178.60, more than 4% below Friday’s Nasdaq close of $186.64.